PennantPark Investment (NASDAQ:PNNT) Given New $5.00 Price Target at Truist Financial

PennantPark Investment (NASDAQ:PNNT) had its price objective reduced by stock analysts at Truist Financial from $6.00 to $5.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the asset manager’s stock. Truist Financial’s target price would suggest a potential upside of 28.04% from the stock’s current price.

Several other brokerages also recently commented on PNNT. Oppenheimer lowered their price objective on shares of PennantPark Investment from $6.00 to $5.00 and set a “market perform” rating for the company in a research note on Tuesday, May 12th. Keefe, Bruyette & Woods lowered their price objective on shares of PennantPark Investment from $5.00 to $4.50 and set an “underperform” rating for the company in a research note on Thursday, April 16th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $5.10.

PennantPark Investment Stock Performance

PNNT stock traded down $0.17 during midday trading on Tuesday, reaching $3.91. 793,528 shares of the company’s stock traded hands, compared to its average volume of 742,711. The firm has a market capitalization of $254.98 million, a PE ratio of 15.02 and a beta of 0.63. PennantPark Investment has a 52 week low of $3.90 and a 52 week high of $7.53. The company has a 50-day moving average price of $4.58 and a two-hundred day moving average price of $5.41. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.47 and a current ratio of 0.47.

Insider Buying and Selling at PennantPark Investment

In other news, CFO Richard T. Allorto, Jr. purchased 15,000 shares of PennantPark Investment stock in a transaction that occurred on Wednesday, March 11th. The stock was bought at an average price of $4.88 per share, with a total value of $73,200.00. Following the completion of the transaction, the chief financial officer directly owned 30,000 shares of the company’s stock, valued at approximately $146,400. The trade was a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On PennantPark Investment

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Creative Planning boosted its stake in shares of PennantPark Investment by 26.4% during the 2nd quarter. Creative Planning now owns 33,369 shares of the asset manager’s stock worth $228,000 after acquiring an additional 6,964 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of PennantPark Investment during the 2nd quarter worth $132,000. EverSource Wealth Advisors LLC boosted its stake in shares of PennantPark Investment by 100.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager’s stock worth $25,000 after acquiring an additional 1,853 shares during the last quarter. Brevan Howard Capital Management LP purchased a new position in shares of PennantPark Investment during the 2nd quarter worth $269,000. Finally, CANADA LIFE ASSURANCE Co boosted its stake in shares of PennantPark Investment by 6.5% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 67,685 shares of the asset manager’s stock worth $463,000 after acquiring an additional 4,158 shares during the last quarter. Hedge funds and other institutional investors own 26.62% of the company’s stock.

About PennantPark Investment

PennantPark Investment Corporation is a publicly traded closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Since its formation in 2006, PennantPark has focused on providing customized financing solutions to middle-market companies across the United States. The firm’s investment advisory services are provided by PennantPark Investment Advisers, LLC, which sources and structures transactions tailored to the unique needs of its portfolio companies.

The company’s core strategy centers on debt and equity investments in U.S.-based businesses, typically those with annual revenues between $10 million and $200 million.